Ethereum’s Early Work on ERC20 Specification Gaining Recognition as Price Sees Uptick

• Hoskinson praises ERC20’s first formal spec as a historic achievement for Ethereum.
• Rosu proposes a K-powered blockchain to reduce errors and boost smart contract efficiency.
• Ethereum’s value climbs 1.84%, solidifying its rank as the second-largest cryptocurrency.

Cardano founder Charles Hoskinson recently highlighted the achievement in Ethereum’s development. On social media, Hoskinson lauded the ERC-20 token standard, calling it “the best piece of work” in Ethereum’s history. This recognition highlights the crucial early advancement for Ethereum – the ERC-20 token standard.

Grigore Rosu, founder of programming language companies, Pi Squared and Runtime Verification, also chimed in on his X handle to emphasize the importance of the first formal specification for ERC-20 tokens, developed in 2017.

“Feels like yesterday… 7 years ago,” Rosu reminisced, acknowledging contributions from Vitalik Buterin, Philip Daian, and Charles Hoskinson. Rosu even proposed the idea of a K-powered blockchain or Layer 2 solution where such formal specifications could be directly executed, potentially improving security and speed.

In December 2017, Runtime Verification introduced ERC20-K, an executable, testable, rigorous, comprehensive, and EVM-independent formal specification for ERC20 tokens. 

The development marked a notable step in creating a more secure environment for blockchain interactions. Since 2018, the company has focused on the web3 security landscape, sharing its learnings through various blog posts and reports aimed at making complex audit reports more accessible to the community.

Their work extends to creating tools such as ERCx, Kontrol, and Simbolik, each designed to help developers and users engage more securely with blockchain technology. 

Ethereum’s technical advancements highlight its ongoing growth, yet today’s market performance reveals Ethereum trading at $2,524.52, marking a 1.84% increase in the past 24 hours. With a trading volume of $18.4 billion and a market capitalization of $303.6 billion, Ethereum remains the second-largest cryptocurrency by market cap.

The circulating supply is 120,298,530 ETH coins, and with no maximum supply limit, Ethereum’s shifting nature and continuous development in the crypto space are evident.